Benchmark Lowers Permian Resources (NYSE:PR) Price Target to $14.00

Permian Resources (NYSE:PR) had its target price lowered by analysts at Benchmark from $17.00 to $14.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target would indicate a potential downside of 1.48% from the stock’s current price.

A number of other brokerages also recently issued reports on PR. Susquehanna cut their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Mizuho cut their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Monday. Wolfe Research started coverage on Permian Resources in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Wells Fargo & Company cut their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average target price of $18.73.

Permian Resources Trading Up 1.6 %

Permian Resources stock opened at $14.21 on Wednesday. The business has a 50-day simple moving average of $14.07 and a two-hundred day simple moving average of $15.50. The company has a market cap of $11.40 billion, a P/E ratio of 11.37, a P/E/G ratio of 0.85 and a beta of 4.32. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS. Analysts predict that Permian Resources will post 1.48 EPS for the current year.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently bought and sold shares of PR. Hexagon Capital Partners LLC raised its holdings in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares during the period. Innealta Capital LLC purchased a new stake in Permian Resources during the 2nd quarter valued at $30,000. Rise Advisors LLC bought a new position in Permian Resources in the 1st quarter valued at $32,000. Transcendent Capital Group LLC bought a new position in Permian Resources in the 1st quarter valued at $36,000. Finally, UMB Bank n.a. grew its position in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after acquiring an additional 1,390 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.